October • Class 2 NICs to continue for self-employed
October • #01 CLASS 2 NICs TO CONTINUE FOR SELF-EMPLOYED In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the...
August • Ask Alexa to contact HMRC for help
August • #07 ASK ALEXA TO CONTACT HMRC FOR HELP HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits. HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with...
August • Welsh income tax starts 6th April 2019
August • #06 WELSH INCOME TAX STARTS 6 APRIL 2019 From 6 April 2019, the Welsh Government (like the Scottish Government) will be able to set and vary the rate of Income Tax paid by Taxpayers who live in Wales. As in Scotland the system will be administered by HMRC....
August • CGT on property sales due within 30 days from 2020
August • #05 CGT ON PROPERTY SALES DUE WITHIN 30 DAYS FROM 2020 Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020. Currently non-UK resident...
August • Spreading the 2019 loan charge
August • #04 SPREADING THE 2019 LOAN CHARGE Last month we alerted you to the requirement to register with HMRC by 30 September 2018 in order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019. This new tax charge applies to any...
August • Rule for “Rent a Room” relief to be tightened
August • #03 RULES FOR “RENT A ROOM” RELIEF TO BE TIGHTENED UP FROM 6 APRIL 2019 HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of the time that the accommodation is...
August • Use of spreadsheets in preparing VAT returns
August • #02 USE OF SPREADSHEETS IN PREPARING VAT RETURNS Example 3 in the VAT Notice describes a business that uses a spreadsheet and bridging software from April 2019, which allows the information to be transferred to HMRC via an API. It uses a spreadsheet to...
August • Making Tax Digital for VAT
August • #01 MAKING TAX DIGITAL FOR VAT GUIDANCE ISSUED HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT. VAT Notice 700/22 clarifies that spreadsheets may still be used to keep...
August • Diary of Main Tax Events August & September 2018
August • DIARY Main Tax Events • August & September 2018 1st August Corporation tax for year to 31/10/17 (unless quarterly instalments apply) 19th August PAYE & NIC deductions, and CIS return and tax, for month to 05/08/18. (due 22/08/18 if you pay...
July • Advisory fuel rate for company cars
July • #06 ADVISORY FUEL RATE FOR COMPANY CARS Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to 2000cc 11p Over 2000cc 22p 13p 14p (13p) These are the suggested reimbursement rates for employees’ private...
July • Trust taxation
July • #05 TRUST TAXATION We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management...
July • What is the 2019 loan charge?
July • #03 WHAT IS THE 2019 LOAN CHARGE? This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The...
July • Notify HMRC of EBT and similar loans by 30th September
July • #02 NOTIFY HMRC OF EBT AND SIMILAR LOANS BY 30 SEPTEMBER HMRC have published revised guidance on settling tax liabilities in relation to the use of disguised remuneration schemes involving Employee Benefit Trusts (EBTs) and similar arrangements. In order to...
July • New VAT rules for building trade in 2019
July • #01 NEW VAT RULES FOR BUILDING TRADE IN 2019 Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is...
July • Diary of Main Tax Events July & August 2018
July • DIARY Main Tax Events • July & August 2018 1st July Corporation tax for year to 31/09/17. (unless quarterly payments apply) 5th July Last date for agreeing PAYE settlement agreements for 2017/18 employee benefits 5th July Deadline for agents and tenants to...
June • Simplification of Inheritance Tax
June • #04 The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates. IHT is perceived to be complicated and currently yields a relatively small amount of tax compared to...
June • Making Tax Digital delayed further, apart from VAT reporting
June • #03 HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of...
June • EMI share option scheme receives state aid approval
June • #02 Last month, we reported that the Enterprise Management Incentives (EMI) share option scheme lost its EU State Aid approval on 6 April 2018. The consequence of loss of approval being that the tax advantages of such options was temporarily withdrawn. On 16...
June • Off-payroll rules (IR35) to be extended to private sector workers?
June • #01 As mentioned in the Autumn Budget, the Government has opened a consultation into a possible extension of the rules that currently apply to “off-payroll” workers in the public sector to the private sector. This consultation is being undertaken at the same...
June • Diary of Main Tax Events June & July 2018
June • DIARY Main Tax Events • June & July 2018 1st June Corporation tax for year to 31/08/17. (unless quarterly instalments apply) 19th June PAYE & NIC deductions, and CIS return and tax, for month to 05/06/18. (due 22/06/18 if you pay electronically) 1st...
May • Diary of Main Tax Events May & June 2018
May • DIARY Main Tax Events • April & May 2018 1st May: Corporation tax for year to 30/07/17 (unless quarterly payments apply) 19th May: PAYE & NIC deductions, and CIS return and tax, for month to 05/05/18. (due 22/05/18 if you pay electronically) 1st June:...
May • CGT to be paid earlier on property disposals in 2020
May • #06 HMRC are consulting on the mechanism for collecting CGT on residential property disposals from April 2020, when the tax will be due within 30 days of completion. This will be instead of the normal payment date of 31 January following the end of the tax year...
May • Taking a lodger? Don’t forget to claim “rent a room” relief
May • #05 HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s...
May • HMRC lose IR35 case
May • #04 In the February newsletter we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the...
